LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the facility management (FM) services market in North America provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Bharath Kanniappan, a lead analyst from Technavio, specializing in research on automation sector says, “The FM services market in North America is expected to grow at an impressive CAGR of close to 14% due to increase in construction activities in both residential and non-residential sectors. Building owners prefer to invest in FM services to manage their operational costs and deliver an improved environment to occupants.”
Request a sample report: http://www.technavio.com/request-a-sample?report=55946
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
The top three emerging market trends driving the FM services market in North America according to Technavio industrial automation research analysts are:
- Impact of technology in managing building facilities
- Convergence of IoT and smart buildings
- Integrated service contracts in FM
Impact of technology in managing building facilities
Technology plays a vital role in ensuring a well-connected and streamlined facility management. Thus, technology evolution is expected to create a wave of opportunities for vendors regarding scaling up their operation and improve the efficiency of services during the forecast period. Vendors need to harness the capability of advanced and innovative technology in improving three facets of their services: cost, quality, and time. Modern technologies like smart security surveillance systems, intelligent building control systems, and advanced robotics will shape the future of FM services.
“The FM services market in North America is a highly mature market where end-users are open to technology adoption to improve their facilities. Therefore, it becomes imperative for FM vendors to recruit, train, and retain personnel that possesses the knowledge and skills to work with advanced technologies,” says Bharath.
Convergence of IoT and smart buildings
The merging of IT and building automation systems is predicted to drive the future growth in the FM market. IoT concept is rapidly emerging as a major trend that enables a range of devices, systems, and users to communicate wirelessly on the Internet using IP addresses. The IoT can connect and link different processes within a building through machine to machine interactions and improve the operational efficiency of the facility. IoT can assist FM personnel in comprehensive data analytics, including fault detection, multi-system management, and smart system alerts.
IoT enables facilities managers to install and implement smart meters within building a management system that can connect to the electrical grid and provide insights about the energy performance of the building. IoT can seamlessly link dissimilar system and provide information for the efficient performance of building the facility. A typical example being that of fire sprinkler system connected to building access control and smoke detector. The smoke detector generates a signal, which is transferred to the fire sprinkler system within no time. This activates the building access control that quickly assists incumbents in exiting the building. Such interconnected systems can save time and prevent mishaps during critical outbreaks.
Integrated service contracts in FM
The integrated facility management (IFM) service contracts between vendors and end-users is a major trend that is gathering pace in North America. In recent times, the region has emerged as the largest market regarding IFM with rising demand from commercial, residential, and government sectors. Integrated contracts can help end-users in saving costs incurred in individual contracts and reduce the risk associated with multiple FM vendors.
The overall system capability can be increased by functionally linking two or more like systems, which incorporates IFM in the building facility equation. Dashboards that store cross-functional department information within an organization for improved business support is an example of the integrated system. Such integrated systems ensure seamless flow of information regarding assets and resources of an organization.
Browse Related Reports:
- Facility Management Services Market in the Middle East 2016-2020
- Facility Management Services Market in India 2016-2020
- Building Energy Management Services Market in the Middle East 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like robotics. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
